Soho Acquires Jocuixtita Silver Project, Sinaloa State, Mexico
17 July 2009 - 12:00AM
Marketwired
Soho Resources Corp. - (TSX VENTURE: SOH) ("Soho" or the "Company")
is pleased to announce that its 100% owned subsidiary, Samarkand de
Mexico, S.A. de C.V. ("Samarkand"), has entered into two option
agreements to explore and acquire 100% of four mining concessions
and one application for a mining concession (the "Concessions")
together occupying 1,668 hectares located in the State of Sinaloa,
Mexico. In addition, Samarkand has acquired by staking one
additional concession covering 2,664 hectares which surrounds the
concessions mentioned above. All of the above concessions cover a
cumulative area of 4,332 hectares comprising the "Jocuixtita
Project". The Jocuixtita Project is located approximately 120 km
north of the city of Mazatlan.
The Company entered into one agreement with Esteban Hernandez
Rodriguez and Erelinda Acuna Acuna (the "Hernandez Option") and the
second with Luis Saul Quintero Triana (the "Quintero Option"). Both
agreements grant Samarkand the right to explore and acquire a 100%
interest in the respective concessions. In order to maintain the
right to explore and exercise the Hernandez Option and Quintero
Option, Samarkand must make cumulative payments totaling
US$1,000,000 (US$800,000 over a period of six years in the case of
the Hernandez Option and US$200,000 over a period of three years in
the case of the Quintero Option). Up to a maximum of US$372,666 of
the option payments may be made by payment of Soho shares. To date,
the Company has paid the vendors US$60,000 (US$50,000 under the
Hernandez Option and US$10,000 under the Quintero Option). Under
the terms of the Quintero Option, Samarkand is further
contractually obligated to issue Soho shares valued at US$10,000 to
the vendor. For the Hernandez Option, the vendors maintain a 2% NSR
royalty on the applicable concessions. Samarkand may acquire 50% of
the NSR by making a cash payment of US$ 350,000 to the vendors of
the Hernandez Option. For additional details on the schedule of
payments please visit the Company's website at
www.sohoresources.ca.
The Jocuixtita Property hosts a number of northwest and cross
cutting northeast trending epithermal vein structures mineralized
with silver, gold, lead and zinc. The principle structure hosting
the El Carmen - La Salvadora - El Eden historic mine workings has
been traced over a minimum of 3 km of strike length. During a due
diligence site visit, the Company observed exposed mineralized
zones within this principle structure ranging from four to ten
metres in width. Highlights from El Carmen and La Salvadora
sampling completed by the Company include:
---------------------------------------------------------------------------
Sample Au Ag
Sample Vein Type Width Kg g/t g/t Pb% Cu% Zn%
---------------------------------------------------------------------------
5704 La Salvadora Channel 1.00 2.11 1.920 610 8.11 0.170 23.70
---------------------------------------------------------------------------
5706 La Salvadora Channel 1.20 2.72 0.698 126 0.52 0.048 5.84
---------------------------------------------------------------------------
5712 La Salvadora Channel 1.30 3.90 0.584 205 2.92 0.119 12.05
---------------------------------------------------------------------------
5714 La Salvadora Channel 1.00 4.00 1.315 345 2.46 0.096 13.25
---------------------------------------------------------------------------
5721 La Salvadora Channel 1.30 3.77 1.110 867 2.36 0.137 4.53
---------------------------------------------------------------------------
5722 La Salvadora Channel 2.00 2.83 0.529 427 5.87 0.184 9.92
---------------------------------------------------------------------------
5727 El Carmen Channel 1.00 1.91 0.138 335 0.84 0.041 1.30
---------------------------------------------------------------------------
A complete list of sample locations and results can be viewed at
the Company's website. These figures are conceptual in nature and
there has been insufficient exploration to define a mineral
resource. It is uncertain if further exploration will result in the
target being delineated as a mineral resource. The Jocuixtita
Property has not been explored using modern exploration methods.
The main mines within the project have been historically mined on a
very small scale by previous owners.
Soho intends to commence a $300,000 to $500,000 exploration
program on the project in late 2009 after the rainy season has
ended which would likely be focused on exploring the main zones and
include detailed geological mapping and sampling, geophysics and a
10 - 15 hole diamond drill program to test continuity of several of
the main zones both along strike and down dip.
"I consider the Jocuixtita Property to be a premier unexplored
silver project within the Sierra Madre Occidental. Road accessible,
near coastal infrastructures and within 40 km of San Ignacio, the
project is close to all necessary infrastructures for successful
development," states Mr. Ralph Shearing, President and CEO of Soho
Resources Corp. "Based upon our initial site visit and historic
records, this project has excellent potential to develop into a
significant silver project and will hopefully be a large
contributor to the Company's current resource base contained within
our flagship Tahuehueto Project."
Ralph Shearing is the Company's Qualified Person under NI 43-101
for the technical disclosure contained in this news release.
On behalf of Soho Resources Corp.,
Ralph Shearing, President & CEO
If you would like to receive information on Soho Resources Corp.
and its exploration projects please contact the Investor Relations
Department by email or phone or visit our website at
www.sohoresources.ca for the most up to date information and
results. Other historic information and mandatory filings are
available online at www.sedar.com.
WARNING: The Company relies upon litigation protection for
"forward-looking" statements. This News Release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of up-coming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Soho Resources Corp.
relies upon litigation protection for forward-looking
statements.
Shares Issued - 125,887,913
Last Close 2009/07/14 C$0.05
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Contacts: Soho Resources Corp. Glen Sandwell 604.684.8071 or
Toll Free: 1.800.685.0576 ir@sohoresources.ca
www.sohoresources.ca
Soho Resources Corp. (TSXV:SOH)
Historical Stock Chart
From Jul 2024 to Jul 2024
Soho Resources Corp. (TSXV:SOH)
Historical Stock Chart
From Jul 2023 to Jul 2024